Personal Or Commercial Insurance Shouldn’t Be SCARY!

Shopping For Personal Or Commercial Insurance?

The More You Know About Personal Or Commercial Insurance, The Less Frightening It Will Be

What scares people about shopping for personal or commercial insurance? That they don't understand it!   On average 95% of people have little to no knowledge about the many nuances pertaining to their policies, such as policy coverage or exclusions.  This can be problematic because, if one does not understand the type of insurance they need, then they may not be fully covered or find their rates higher than necessary.

Why Is Personal Or Commercial Insurance Important?

Most individuals understand what personal insurance is - for example, life insurance, auto insurance, home owner's insurance, and so forth.  However, what about commercial insurance?   If you own your own business, then you are going to need this type of insurance, no matter if you own an auto garage, are a landlord with a multifamily property, or so forth.  Commercial insurance, like personal insurance, will protect you in the event that a liability occurs.  For example, if a worker injures themselves in your auto garage or a  tenant falls down a flight of stairs - commercial insurance helps cover you!

What Don't People Understand About Insurance

Most individuals do not understand the nuances of insurance.  For example, what kind of exclusions might apply?  Exclusions are essentially that which is not covered by the policy.  What about liabilities, or the policies themselves.  There is simply a  great deal of information that goes into  insurance.  Having the right agent, one that will help alleviate any concerns and explain all of these factors, is ideal.

Claims History, Why This Matters In Real Estate Insurance



Did you know that claims history is one of the most important need-to-know aspects of buying a property?  Whether you are a real estate investor who wants to flip the property,  to rent it out, or simply have the property as a future viable investment; you are going to need to know the claims history of the property to make a better, more informed decision.

The Importance Of Claims History

In the most basic sense, a claims history will let you know what types of claims have been made on that particular property.  For example, if the property is in a Hurricane-prone location, then it is very possible that the house has seen claims made regarding flooding, wind and hail damage, and so forth.  That means if the house has already suffered through flooding, and resulting damage from that, would it be possible that there might be mold issues in the future?  While this may not necessarily be the case, it is possible given the property's history.  As a real estate investor, you need to be aware of any potential liability in order to better protect yourself and your assets and know the details of your investment.

The C.L.U.E. Report, A Way To Your Property's Claims History

Real estate investors need to be aware of what they are buying, period.  The C.L.U.E. Report allows you to get a 'clue' by alerting you to the general history of the property, including any past claims that have been made.  As mentioned, this can protect you and your investment in the future.
When it comes to real estate insurance, claims history is an invaluable tool that will help you better prepare for the future, allowing you to make a smart, informed real estate investment decision.

Insurance Claims, Here’s What You Need To Know

Are You Having Trouble With Insurance Claims?

Filing Insurance Claims Are Necessary For Your Investment

Insurance claims can be a complicated process and, at times, that complexity can cause discrepancies, general confusion, or act as a time drain. Here's what you need to know about insurance claims.

What Insurance Claims Are For 

Insurance claims are essentially the way in which you make a formal request, as an insurance policy holder, regarding a policy event or to seek after loss coverage.  For example, if you are a real estate investor and your house suffers fire or flood damage, then you would need to make an insurance claim in order to get coverage for the damage.  Your agent would need to access the damage and determine if it would be covered under your policy.

What You Need To Know About Insurance Claims

Insurance shouldn't be scary!  That is the number one thing you need to know about insurance claims.  However it is also imperative  to first and foremost, know what kind of investor you are.  For example, if you own an auto garage , then you will need a different type of insurance than if you owned a restaurant.  The same would be true when it comes to niches within specific industries.  For instance, flipping houses as a real estate investor requires different insurance than does being a multifamily investor.

Aside from knowing what type of investor you are, you would also need to document everything.  It is good standard to keep documentation at all times, but it is especially important when it comes to insurance claims.  Having a conversation with your agent it also extremely important as well.

Avoid the headache, because we have a claims consulting process that is simple to understand and is just as effective.


Need Real Estate Insurance? Make Sure Your Agent Asks The Right Questions



Too often, real estate insurance agents make a significant misstep by failing to ask the appropriate questions. For example, information such as who you are subcontracting (and whether or not they are insured), what kind of investment property type you have (for example are you housing for students or section 8 housing), as well as what type of construction you might be undertaking, are all relevant information. An insurance agent that specifically deals with this type of insurance will not only know to as these questions, but they will also know what the answers mean in terms of what types of real estate insurance rates you will see.

The Problem With Not Knowing About Real Estate Insurance

Without specific and direct questions, your agent will simply not know what type of insurance you will need for that particular property. This can cost you significant time and money in the long run. For instance, if you are a multifamily real estate investor, then it is suggested you get dog bite coverage, liquor liability if you have a pool, and a number of other liability and coverage types. All of this would give you the best rates possible  for the type of insurance you need. 

Real Estate Insurance Know-How

Watch the video below and learn exactly what your insurance agent should be asking and how it important it is to determine what type of real estate insurance you need before making any final decisions. Remember, if you need real estate insurance, we make it easy to shop for insurance and get the best rates possible.

What Type of Vehicle Insurance Coverage is Required in Texas? Is It Enough?

Texas car insurance requirements

One of the questions we get quite often is, “What Type of Vehicle Insurance Coverage is Required in Texas?”

In addition, in the state of Texas, you’re required to pay for any accidents you cause. That’s why it’s critical to have the right amount of coverage. Thus, you are both looking for the required coverage, as well as what might be beneficial to you.

Whether you’ve recently moved to Texas or you’ve just acquired a new vehicle, if you’re wondering what type of vehicle insurance coverage is required in Texas, then this is the guide for you.

Discover the coverage you need to meet Texas car insurance requirements.

What Type of Vehicle Insurance Coverage is Required in Texas?

Some typical Texas auto insurance requirements include:

Texas car insurance requirements

Minimum Liability Insurance

Texas requires that all vehicle owners possess a minimum of liability insurance. This includes $30,000 bodily injury coverage per person and $60,000 per incident. Property damage coverage is also required for at least $25,000 per each incident.

Burden of Proof of Financial Responsibility

You must also provide proof of insurance in the event of a car accident. You’ll also need it when you renew or register your vehicle or if you’re asked to present it by the police.

This proof of insurance is typically sent in the form of an insurance card by your insurance company. However, the state of Texas also allows you to present digital copies, so it’s okay to show your proof of insurance from your cellphone.

Exclusions with Most Texas Auto Insurance Requirements

Some exclusions or aspects that are typically covered by your car insurance policy include racing, intentional acts and named driver policies, which only cover those who are named on the policy.

Texas Auto Insurance Coverage Breakdown

Meeting Texas minimum auto insurance requirements starts with understanding what coverage you need. Some essential coverage drivers should have to meet Texas car insurance laws include the following.

Liability coverage

Liability insurance is critical to have in the event of a car accident. It pays for car accident-related expenses, such as:

  • funeral costs
  • pain and suffering compensation
  • car replacement or repair costs and car rental costs
  • people driving your vehicle who have your permission, you, family members who are away attending college, the occupants of your car, such as family members or in-laws living with you in your home and even separated spouses.

Your liability insurance can even cover you in the event of an arrest following an accident for up to $250 in bail expenses. Texas minimum liability coverage laws require that you have at least have liability.

Collision coverage

To cover collision costs or damage to your vehicle, the minimum insurance coverage in Texas for your policy is determined by your insurance provider if you still owe money on your car.

Comprehensive coverage

Texas vehicle insurance requirements for comprehensive coverage covers things, such as repair and replacement costs in the event of theft or fire damage.

Additional Medical Payments Coverage

Sometimes meeting the minimum required coverage isn’t enough. If you’re health insurance plan or auto insurance plan doesn’t fully cover the cost of all your healthcare needs related to a crash, then taking on an additional medical payments coverage plan may provide the extra financial help you’ll need. This type of plan even covers the funeral costs or medical bills of pedestrians or bicyclists involved in the accident.

Uninsured/Underinsured Motorist Coverage

If you’re involved in a hit-and-run accident or you find out the driver of the other vehicle does not have sufficient insurance or any at all, then uninsured/underinsured motorist coverage can help you cover unexpected costs.

These costs include bodily injury costs, such as disfigurement, lost wages or disability. It also covers property damage costs, including car rental expenses and vehicles repair costs. However, you are required to pay a minimum of $250 deductible in the event of property damage before the insurance company pays for the rest of the expenses.

Towing coverage

While no Texas state minimum car insurance requirements exist for tow coverage, it’s still critical to consider this option in the event you are unable to move your vehicle if it breaks down or you need a new battery.

Rental Renumeration Coverage

There are no Texas minimum car insurance requirements for rentals. However, you’ll want to consider this in the event of theft or an unexpected event that results in damaging your vehicle, such as a fire.

Miscellaneous coverages

Other Texas insurance requirements you may need to consider include commercial vehicle coverage. Texas commercial auto insurance requirements also must meet minimums.

Texas auto insurance laws

Where Do Texas Car Insurance Laws Cover You

The states and countries Texas car insurance laws extend to include all states in The United States and Canada. However, since Mexico doesn’t recognize U.S. vehicle liability policies, you’ll need to get additional coverage should you decide to drive into Mexico.

How to Shop for Texas Auto Insurance

Always think about the type of coverage you need when shopping for Texas auto insurance. Also, consider who will drive the car and ask about what discounts you may qualify for.

Shopping for the minimum auto insurance coverage in Texas for standard vehicles may not be enough if you need commercial vehicle insurance as well. So, it’s important to consider all the vehicles you need to insure and the type of vehicles that require insurance so that you meet Texas insurance minimums.

What to Do After a Car Accident?

Ensure that everyone involved in the car accident is safe. Check for vehicle damage and contact the authorities. Also, call your car insurance company and exchange your insurance information.

Get Help with Texas Liability Insurance Requirements from Benchmark Today

Navigating Texas auto insurance laws doesn’t have to be complicated. With the right guidance, you can get sufficient automobile insurance to meet Texas minimum insurance requirements.

To get a quote, or to learn more about Benchmark’s personal auto insurance in Texas, please contact Benchmark today.